Stop me if you’ve heard this one: There’s a report out there that Microsoft is in talks with Yahoo. The report, by the UK-based Times Online, claims that Microsoft is once again trying to acquire just Yahoo’s search business. The price? $20 billion.

If you’ve read any tech news in the past year, you’ve undoubtedly heard this all before — several times — but this new report also comes with a fascinating amount of detail.

Apparently, Microsoft is backing a new management team at Yahoo that may or may not include Jonathan Miller, the former chief executive of AOL, and Ross Levinsohn, the former president of Fox Interactive Media. The report also claims that broad terms for the deal have already been agreed upon.

Update: We’ve reached out to Levinsohn who says of the Times Online report: “No truth to it. News to us.”

With this new deal, Microsoft would apparently provide $5 billion to help the Miller and Levinsohn team at Yahoo. The two of them would also raise another $5 billion from other investors, according to The Times. This would give the duo enough to buy about 30 percent of Yahoo’s shares and give any of the new investors the right to appoint three of Yahoo’s eleven board members.

Microsoft, in return, would get a 10-year agreement to manage Yahoo’s search business. It would also have an option to buy it outright. The deal may boost Yahoo’s annual income by as much as $2 billion.

This is compelling stuff — if any of it is true. While Levinsohn says there’s nothing to it, where on Earth did the Times Online get all this detail? I’m sure we can all expect to hear more in the coming days.